1- At December 31, 2009, Robs Home Store has $100,000 of assets and $40,000 of liabilities, and $60,000 of stockholders equity. On January 15, 2010, Robs purchased $30,000 of assets by incurring a liability. Robs total assets, liabilities, and stockholders equity after the purchase are, respectively,

Question options:

$100,000; $40,000; $60,000.

$100,000; $60,000; $40,000.

$130,000; $40,000; $70,000.

$130,000; $60,000; $70,000.

$130,000; $70,000; $60,000.

2-

On Jan. 2, 2010, Wright Construction Co. purchased equipment for $50,000. Wright expects to use the equipment for three years, at which time it will have an estimated salvage value of $27,500. What is the depreciation expense for 2010? (Assume S/L depreciation)

Question options:

$7,500

$9,167

$16,667

$27,500

$50,000

3-

In 2007, Alca Co. issued a long-term note payable that would come due on May 15, 2011. On its December 31, 2010 balance sheet, this note should be classified as a(an)

Question options:

	long-term liability
	short-term liability
	intangible asset
	long-term investment
	expense